6 Side Hustles for Accountants and CPAs to Earn More
Michael Nicholas / Franchising / September 4, 2024
According to U.S. News, accountants made a median salary of $78,000 in 2022. But in today’s economy, you might need to do some clever accounting to make that stretch far enough! That’s where a side hustle for accountants can come in handy.
Whether you’re looking to augment your income or even find a side hustle that could eventually take over as your career, exploring the right accounting side jobs could be the answer. So, let’s take a look at what you should consider when choosing a side hustle, the best options for accountants, and why a P3 franchise might be the ultimate choice for long-term success.
When considering an accounting side hustle, it’s important to evaluate a few key factors to ensure it’s the right fit for you. Taking the time to assess these elements will help you choose a side job that complements your skills and aligns with your financial goals and lifestyle.
How much time does this side hustle require? Is it something that offers passive income, or will it demand ongoing active involvement? Make sure it aligns with your available time.
Does the side hustle leverage your existing skills and expertise, or will it require learning something entirely new? The closer the match to your current skill set, the quicker you can start earning from your new side job for accountants.
What is the potential income from this accounting side job? Consider both short-term earnings and long-term growth potential to assess if it’s worth your effort.
Do you need extra equipment, licensing, or any other overhead costs to get started? Evaluate whether the initial investment is feasible and if it will pay off in the long run.
Now that you understand what to look for in a side hustle let’s dive into some of the best options for accountants and CPAs. These accounting side hustles not only leverage your existing expertise but also offer opportunities for growth, flexibility, and even passive income.
Franchising is an attractive option for those looking for a pre-established accounting side hustle. With a recognized brand and proven business model, it offers a low-risk way to dive into entrepreneurship while leveraging your accounting expertise.
There are many accounting-related franchises available that align perfectly with the skills and experience of accountants. For example, some franchises specialize in payroll, accounting, tax preparation, and consulting. Your financial expertise also equips you to easily manage essential aspects of the business. Additionally, the analytical and detail-oriented nature of accounting professionals makes them well-suited to successfully follow and implement a proven franchise system.
P3 Cost Analysts is a cost reduction franchise that is a perfect new revenue stream for accountants. Your financial background will make it easy to understand and offer the services that this side job for accountants has on the menu. Plus, the business connections you’ve made over the years are potential clients, allowing you to expand your services and help businesses save money.
Freelancing is a popular accounting side hustle that offers you the opportunity to directly monetize your skills. As a freelancer, you’re in control of your workload and earnings, with all income going straight to your pockets.
This side hustle for accountants is perfect for those who want to diversify their income streams without committing to another full-time job. Freelancing lets you choose projects that match your skills, such as bookkeeping, tax preparation, or financial consulting, allowing you to work on what you know best.
Fiverr allows you to create service listings for your accounting skills, where clients find you directly. You set your own rates and packages, and since customers come to you, minimal advertising is required.
Consulting is a natural extension of your expertise as an accountant, especially for those who are CPAs. As a Certified Public Accountant, you bring an extra level of credibility and specialized knowledge. Consulting side hustles for CPAs allow you to leverage your experience to provide valuable advice to businesses looking to improve their financial operations.
Consulting is ideal for CPAs who want to use their expertise to solve complex financial challenges for businesses. To be successful in these CPA side hustles, you really need to be an expert in your chosen area. Fortunately, there are numerous areas to specialize in – whether it’s tax strategy, financial audits, investment consulting, or another niche – allowing you to find the perfect fit for your skills and interests.
As a CPA, you can specialize in tax strategy consulting, helping businesses or individuals minimize their tax liabilities while staying compliant with regulations. This niche requires deep expertise in tax laws and is highly valued by those looking to optimize their finances.
If you have a creative streak and a passion for finance, content creation is one of the most flexible accounting side jobs out there. Content creation isn’t limited to just blogs anymore. It encompasses a wide range of formats, including social media posts, YouTube videos, online courses, podcasts, and ebooks. By sharing your knowledge across one or many of these platforms, you can educate others while generating additional income.
This side hustle for accountants allows you to build a personal brand and position yourself as an expert in the field. Content creation is flexible and can be done at your own pace, making it ideal for those with a busy schedule. Whether you prefer writing, speaking, or creating videos, there’s a content format that can fit your strengths. Additionally, content creation offers numerous possibilities for passive, recurring income, such as through ad revenue, affiliate marketing, or sales of digital products like ebooks and courses.
Instagram is a low-cost platform that requires minimal investment and doesn’t demand extensive editing skills, making it accessible to those who want to start quickly. As your following grows, you can monetize your account through sponsored posts, affiliate marketing, and partnerships, creating opportunities for passive income.
Some professionals may find teaching or tutoring to be among the most rewarding side hustles. You can help high school or university students build a strong foundation in accounting, finance, and other related subjects. Whether it’s teaching night courses at a university, tutoring high school or college students, or even working with STEM after-school programs that offer courses related to math and finance, there are plenty of opportunities to share your knowledge.
As an accountant, you’re already an expert in your field, which makes tutoring and teaching a natural fit if you want to give back to the community. Teaching positions as side hustles for accountants are particularly suited for those who are patient and skilled at breaking down complex concepts into easier-to-understand lessons. It’s also a flexible option that allows you to teach when you have the time, either in person or online.
CPAs can offer one-on-one tutoring sessions for students preparing for their licensing exams. As a CPA, you have the expertise to guide aspiring accountants through the rigorous exam process, making this a rewarding side hustle for CPAs.
E-commerce is an excellent accounting side hustle for those looking to explore entrepreneurship without the need for a physical storefront. It offers a flexible and scalable way to start a business, allowing you to begin with a small investment and grow over time.
As an accountant, you have a strong grasp of financial management, budgeting, and pricing strategies, all of which are crucial for running a successful online business. E-commerce leverages these skills, whether you’re selling digital products, financial templates, or niche items related to your expertise.
Set up an online store using Shopify, a versatile platform that allows you to sell a wide range of products, whether digital or physical. Shopify provides customizable templates and tools that make it easy to start your business with minimal technical expertise.
While there are many accounting side hustles to consider, buying a P3 franchise stands out as the best option for those who want a significant head start. Unlike starting from scratch with other side hustles for accountants, a P3 franchise reduces much of the legwork required to get started. Plus, P3 offers a range of additional benefits that make it a standout choice for accountants looking to expand their income streams.
With a P3 franchise, you’re buying into a proven business model that eliminates much of the trial and error involved in starting a new business. This not only saves you time but also reduces the risks typically associated with new ventures, making it a safer side hustle for accountants.
P3 franchises offer the potential for passive income. Once your business is up and running, your primary role is bringing in clients, while a team of auditors handles the more complex aspects of the work. This setup allows you to enjoy the flexibility to manage operations without the constant hands-on involvement required by other side jobs for accountants.
Comprehensive training and ongoing support from P3 ensure that you’re never alone in running your business. Whether you’re new to the industry or just need guidance, P3’s support system helps you navigate challenges and grow your business effectively.
P3’s business model has proven resilient through economic downturns and the pandemic, offering stability in uncertain times. This makes it a reliable choice for accountants seeking a side hustle that can withstand market fluctuations.
Operate your P3 franchise from the comfort of your home, reducing overhead costs and allowing for a better work-life balance.
As your P3 franchise grows, so does your income potential. With a relatively low initial investment and the ability to scale your operations, this franchise offers a high return on investment, making it one of the more attractive side hustles for CPAs and accountants alike.
Accountants bring a unique set of skills to the table that make them ideal P3 franchisees. Your deep understanding of financial management allows you to grasp the nuances of P3’s cost-reduction services quickly. Unlike starting a new business from scratch, where the learning curve can be steep, your background means you can hit the ground running.
Additionally, the business relationships you’ve built over your career give you a significant advantage. These existing connections can serve as your first clients, providing an immediate foundation for your new franchise. As a CPA or accountant, you’re also in a prime position to integrate P3’s services with your current offerings, allowing you to expand your business without having to completely shift focus. The combination of your financial expertise and P3’s proven model creates a powerful opportunity for growth and success.
Exploring side hustles is a smart move for accountants and CPAs looking to increase their income and diversify their skills. While there are many options available, a P3 franchise offers a unique opportunity to leverage your expertise in a proven business model with the potential for passive income and long-term success. If you’re ready to take the next step and explore franchising with P3, we’re here to help.
Contact us today to learn more about how a P3 franchise can fit into your career and financial goals.
